By Hassan Mehmood (Saudi Arabia)
China has taken a very hard stance against cryptocurrencies, and it is not only the cryptocurrencies that China abhors but the concept of decentralization. Any technological entity, financial organization, or local business that wishes to continue its operation on Chinese soil has to comply with these new rules and regulations, which have been distributed on the topic of cryptocurrencies. Alibaba has announced an affiliation with the new motive of China, which is to ban cryptocurrencies, and in favor of doing so, the e-commerce giant has stopped selling crypto mining equipment on its website.
Furthermore, there is a new policy being struck out by the government of China that anyone who wishes to buy crypto equipment from Alibaba will be facing severe penalties after 15th October. Alibaba has also come forward in an official capacity to submit its statement regarding cryptocurrency and mining equipment and its sale on the platform. According to an official statement given out by Alibaba’s representatives, the platform strictly prohibits the use of cryptocurrencies for payments and selling mining or blockchain equipment or its accessories on its website.
Also read:China To Ban All Crypto-Related Activities In The Region
The e-commerce giant will be taking off all cryptocurrency-oriented equipment and its accessories down from its website on 8 October. Furthermore, there will be a ban commenced by Alibaba regarding the selling of major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and all small altcoins as well. These restrictions put together by the government of China and Alibaba are not limited to crypto hardware only, as the penalties extend to those wishing to buy or sell crypto-oriented software as well. As for the crypto exchanges, these have already been issued strict guidelines from the Chinese government not to sell cryptocurrencies to the locals. The list of penalties is not finalized just yet, which will take effect from 15th October, but some of them include freezing and closing of merchant accounts, blocking store access and even imposing monetary fines on those who commit these malicious activities. It seems that China is doing everything it can to stop the concept of decentralization from taking off, but sadly it is not governed by a single state or a country, and that is why it would most definitely be a tough competition for the state of China against crypto.
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